Southern Humboldt Unified School District Says It Is Saving Taxpayers Half a Million Dollars

Southern Humboldt Joint Unified School District has refinanced portions of its outstanding general obligation bonds, saving the District’s property owners $555,151 over the next 21 years. The 2017 Refunding Bonds were approved by the Board of Trustees on October 12th to refinance general obligation bonds originally sold in September 2010 and March 2015. The prior bonds were authorized by the District’s voters at the Elections of 2010 and 2014 to finance school improvements, including technology, health and safety improvements.

The interest rates on the prior bonds ranged between 4.00% and 5.00%. Interest rates for the 2017 Refunding Bonds, which were set on November 2nd, ranged from 1.03% to 3.46%. The difference in rates will save property owners without extending the term of the bonds.

Superintendent Boyd stated, “By refinancing these bonds, we were able to lower tax rates for our local homeowners. This will help our District’s residents who have showed their commitment to and trust in the District by approving the bonds and supporting the District over the years.” Bambi Henderson, Director of Fiscal Services, added, “Interest rates are near all-time lows; as stewards of the community, we could not pass up the opportunity to lower bond payments even further.”

Property owners in the District will see a reduced tax rate beginning next year.

4 comments

Long overdue! The March 2015 bonds sure seemed to be paying very high rates at 4 to 5%. For quite some time I’ve seen other school districts refinancing bonds & wondered if it ever would become a priority here.

Its great that this was done. The people that initiated & made it happen get major compliments.

If someone knows the number of taxed parcels they could finish the math to show the saving per taxed parcel… my quick math calculated a savings of about $26,436 a year divided by ???
Any savings is a good thing, thanks to somebody!